I was laid off “indefinitely” on May 8th, 2009. I am still out of work. I have called my former employer and asked them if I could roll my 401k into an IRA.
They told me that I am not allowed to touch my 401k in any manner. I cannot draw money out of it (I don’t want to do that). I cannot roll the money into an IRA either. They said, “Technically, you are still an employee…just laid off indefinitely.”
This doesn’t seem legal, or at least it doesn’t seem fair or right. It’s my money, but I cannot touch it.
They said, “If you tell us that you quit, then you can roll over the money, but you have to quit first.”
Is this accurate?
Related questions:
- Should I roll my 401K over to a Roth IRA and then take out the money?
- Can I roll over my Roth IRAs into a Roth 401k?
- Can I roll a 401(k) to an IRA while still being employed with that company?
- Can we cash out one of the 401k for the addition on our home without a penalty?
- I have $10,000.00 left in life ins. growing at 4 1/2 percent interest.
